The global cloud computing market size is expected to reach $1,55-trllion by 2030, registering a CAGR of 14,1% from 2023 to 2030, according to a new report by Grand View Research.
The main factors driving the market growth include the rising adoption of cloud-native applications by several business sectors, such as banking and supply chain automation. Additionally, they allow businesses to develop, manage, and roll out web applications quickly.
Increased adoption of advanced and innovative technologies such as artificial intelligence (AI), machine learning (ML), and 5G technologies and their rapid implementation within business applications is anticipated to drive market growth.
Enterprises can efficiently store, access, and manage vital data owing to cloud computing technologies. With the increasing use of smartphones, computers, and the internet, businesses now need to store and process enormous amounts of data to provide their consumers and clients with services centered on their needs. This is attributed to the rise in demand for the market during the forecast period.
ML, edge computing, and personalisation are currently significant trends across several businesses across the globe. To perform the complicated computations frequently required for personalisation, such as to generate tailored suggestions, the cloud lowers the technological barriers associated with doing so.
Market vendors focus on launching new cloud solutions, services, and workloads, as well as enhancing the capabilities of their current ones to increase their position in the market. Various prominent players in the market are expanding their reach into different countries by opening data centers and bringing digital transformation to those countries.
Highlights from the Cloud Computing Market Report include:
- The Infrastructure as a Service segment is expected to register the highest CAGR from 2023 to 2030, owing to the rising IaaS adoption which is fueled by the growing need to simplify IT complexities, find qualified workers to manage IT infrastructures and lower the cost of deploying data centres.
- The small- and medium-sized business segment is expected to grow at the highest rate due to lower prices for IT software and hardware, increased processing power and storage elasticity, and increased mobility in accessing data and services. Over the forecast period, the market growth is likely to be driven by the growing usage of cloud technology across SMEs in developing regions.
- The hybrid deployment segment is anticipated to emerge as the fastest-growing segment. To improve their cost optimisation, business model, application development, operational efficiency, and user experience, industries are increasingly adopting hybrid models. In the coming years, it is anticipated that the rapid adoption of edge computing will increase demand among companies worldwide for hybrid clouds.
- The manufacturing end-use segment is expected to register the highest growth rate from 2023 to 2030. The segmental growth can be attributed to its advantages, such as seamless data management and real-time visibility. The manufacturing industry’s increasing use of cloud services for data storage, managing the supply chain, and organising enterprise resources is anticipated to fuel the segment’s growth over the forecast period.
- Asia Pacific is anticipated to experience the market’s fastest growth due to SMEs and large businesses’ increased attention on enhancing their digital activities.